Thailand Aims to Boost its Economy with a Cash Transfer of B500 billion

The finance minister emphasizes that digital wallet spending will significantly impact the economy.

The government anticipates that the rollout of a long-delayed cash handout to most adult citizens will help reverse the current economic slump and address the highest household debt in Southeast Asia.

Finance Minister Pichai Chunhavajira announced at a press conference on Wednesday that the distribution of 10,000 baht to all Thais aged 16 and older who fall under a certain income threshold in the fourth quarter will boost purchasing power, revitalize manufacturing, and enhance overall economic confidence.

Beneficiaries can sign up for the digital wallet from August 1 to September 15 through the Tang Rath application, already widely used for accessing various government services. Those without smartphones can register from September 16 to October 15 using their ID cards.

Officials emphasized that no messages or calls will be made to persuade people to register for the scheme, addressing concerns about active scam artists.

Consumers can spend the cash at over 2 million retail outlets, including convenience stores and mom-and-pop shops, under the scheme designed to support both individuals and small businesses. However, there are strict restrictions, including a ban on using the money to purchase alcohol or cannabis.

Originally intended for early 2024, the handouts were delayed due to disputes over funding the stimulus. They are now the centerpiece of Prime Minister Srettha Thavisin’s efforts to revive economic growth and the fortunes of the ruling coalition.